EIA Confirms Small Crude Inventory Build, Gasoline Draw

WTI crude oil traded below $78 today after the U.S. Energy Information Administration reported an estimated inventory increase of 1.8 million barrels for the week to May 17. This compared with a draw of 2.5 million barrels for the previous week that pushed benchmarks higher last week as it came after an API estimate that also pointed to a draw and it was the second weekly draw in a row, suggesting demand picking up. A day before the EIA released its report, the American Petroleum Institute estimated sizeable builds in crude and fuels for the week…